Producing a homogeneous product occurs in which of the following industries?

Diminishing marginal product is closely related to

a. diminishing total cost. b. diminishing marginal cost. c. increasing price. d. increasing marginal cost.

If consumption of a good is subsidized by the government, then the MU/P of that good among consumers will:

A. Decrease B. Become negative C. Increase D. Not be affected